The average cost to park for an hour in the centre of London is more than the newly increased national living wage, a new study suggests.

A 60 minute stay in the UK capital costs an alarming £8.84 - that's over the increased minimum living wage for workers over 25 years of age.

As expensive as it is to park in London it's nothing compared to New York - expect to pay over £20 if you want to leave your car for an hour in the Big Apple.

Second most expensive city to park: Only New York is more expensive to park than London, according to new research

The inner-city parking cost comparison figures were released by vehicle rental, taxi and car-sharing app Ubeeqo.com, which consequently offers an alternative to taking your car into the city.

It analysed information provided by website Parkopedia, which has a database of 50 million parking spaces in 6,000 cities in 75 countries - all city centre spaces were reviewed with an average price calculated for each location.

All three have openly discussed plans to ban cars from their city limits to improve air pollution levels, using expensive parking fees as a deterred to bridge their move to fulfill the no-vehicle aspirations.

It costs £20.55 on average to park in the centre of New York for an hour, the research found. That's 37 times most expensive than the cheapest city

The cost to park in central London is more expensive than the newly improved national living wage

Despite this, these cities still fall short of the charges Londoners face, including permit holders in the city.

According to the transportation app, Islington tops the polls with the average cost for a permit being £545 per annum - in contrast, motorists in the affluent borough of Kensington and Chelsea pay a maximum of £214 a year.

Meanwhile in Westminster, which covers large parts of central London, the most expensive residential parking permit is £141, which Ubeeqo said 'shows just how illogical parking costs can be' in the English capital.

It also added that the most expensive UK car parking space ever to be sold is in South Kensington - it was purchased for a reported £480,000.

However, a central Manhattan parking space is believed to hold the world title for the most costly car space after it sold for $1 million, backing up the research that New York is the most expensive location to park a car.

Below is the list of the 10 most and least expensive cities to park in, according to the research: